Should I consider this plane - weird engine history

Looking at a '73 Cherokee 180 that had an overshoot incident about 300
hours ago. At that time the owner had to do a bottom overhaul I think
because of engine stoppage and at the same time did a top overhaul -
but not a major. So basically it's been 1600 smoh, but only 300 since
bottom and top. He said it saved him about $6,000 at the time to do it
this way, but he also said that according to the FAA, this is definetly
not considered a major overhaul.

The plane is in great shape, repair after the incident professionally
done, is nicely equiped and the price reflects the 1600 smoh time and
the damage history. It's not a screaming deal but I guess it's a fair
deal.

If I buy it and fly it for say 2-4 years, then on paper it's
approaching tbo, but in reality the engine is probably good for awhile.
Would this be a fair statement? What's holding me back is that I'm
thinking it's one of those situations where it is going to lose alot of
value in the next couple of years,ie it's not going to appreciate like
most of the fleet.

Should I pass?